ForceField Energy shares fell 21% on Monday before being halted by the Nasdaq.
The crash, then halt, in shares comes after the company’s chairman, Richard St-Julien, was arrested on Friday and resigned on Sunday, according to a regulatory filing published Monday.
The filing by the LED lighting maker does not say why he was arrested.
St-Julien was detained in Broward County, Florida, according to police records.
“Such voluntary resignation by Mr. St-Julien resulted from his April 17, 2015 arrest,” it stated. “While the Registrant [i.e. the company] does not currently know the basis of Mr. St-Julien’s arrest, neither Registrant nor any of its other officers or directors believe that any of such persons have conducted any illegal activity.”
Before being halted, the stock was down nearly 52% year-to-date, and 46% in the past 12 months.
The company also released a business update Monday, noting that it grew product and services revenues by 28% year-over-year, to $US9.1 million including acquisitions.
Here’s a one-month chart showing its plunge:
This post will be updated as new information is made available.